Keeping your business running and growing successfully requires a tremendous amount of work. The larger and more complex the organization is, the harder it becomes to keep everything running smoothly. When you begin to incorporate elements of intellectual property, such as trade secrets, you will need to protect and defend them with every option that you have.
But, the options a company has to protect this type of intellectual property can be daunting to understand. From the various state trade secret laws to the newly enacted federal trade secret protections in 2016, having the proper counsel to explain your options is essential.
Defend your trade secrets today with Janik Vinnakota LLP, experienced litigators who have tried many trade secret cases.
What Is a Trade Secret?
Trade secrets are created formulas, instruments, designs, processes, methods, or any other type of unique combination of ideas that result in a new physical item or process/methodology that improves your business or manufacturing processes. These aspects of your business are not known by the public or competitors, which is where the name “trade secrets” comes from.
How Do I Defend Trade Secrets?
To defend trade secrets, there are many different ways in which you can approach the protection of your intellectual property or confidential information. The methods in which you defend trade secrets will vary based on the trade secrets in which you wish to defend, the level of confidentiality, employee or contractor agreements you require, and the nature of how such information can be accessed in your organization or business.
You can begin to defend trade secrets by evaluating the processes and systems that you have in your organization. Ensure that no confidential information is leaving the building or being willingly shared with individuals who do not have the clearance to provide that information. Likewise, enter into non-disclosure agreements early with potential third-party business partners that may need access to your trade secrets.
As long as you continue to defend and take steps to protect trade secrets in your business or corporation, your trade secrets will maintain value and help you to hold a commercial advantage over competitors. Moreover, each state in the U.S. has specific laws for businesses to protect their trade secrets. Recently, Congress enacted the Defend Trade Secrets Act (DTSA), which offers additional, federal level protections for your trade secrets.
How Long Does a Trade Secret Last?
If you wish to defend trade secrets, your organization must be capable of keeping the information entirely confidential and avoid sharing it with individuals or organizations that could take advantage of it. While other types of protections have limited durations (patents last about 20 years and copyrights last about 100 years), trade secrets themselves can last forever, as long as they actually remain a secret.
Are you trying to defend trade secrets in your own organization? Do you want to learn more about the new federal laws governing trade secret protection? Whether you have a small organization or a fortune 500 corporation, if you have confidential information, processes, designs or any other type of trade secret that helps you gain a competitive advantage, give us a call today at Janik Vinnakota LLP to learn more about how you can defend your trade secrets and what actions you can take if someone begins using your trade secrets or intellectual property.